Accounting Standard
This query is : Resolved
22 November 2008
A person who engage in Construction of residential flat for the purpose of sale after construction works are complete in that cirumstances AS-7 are applicable or not for Revenue Recognised in the books of accounts in assesse. Pls reply the queries along with citation of court case if any.
22 November 2008
The AO may make a Best Judgment assessment (BJA) as specified in sec 144, in case he is not satisfied about correctness and completeness of books, method of accounting and ACCOUNTING STANDARDS followed by the assessee.
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